Ripple has recently unlocked a substantial amount of XRP from its escrow accounts, leading members of the crypto community to speculate about a potential resolution to the company’s legal battle with the SEC. Whale Alert, a crypto tracking service, reported that Ripple released 500 million XRP in two separate transactions yesterday. The first transaction involved 200 million XRP, valued at $123.63 million, while the second transaction contained 200 million XRP worth $183.89 million.
This unexpected move has sparked discussions within the crypto community, with enthusiasts trying to decipher the motives behind it. Many speculate that Ripple may have unlocked the coins to cover its legal expenses in the ongoing SEC lawsuit. However, others believe that this surprise release indicates that a settlement between Ripple and the SEC is imminent. Supporters of this theory suggest that Ripple intends to sell the coins in order to reach a settlement with the regulatory agency.
Interestingly, a user named @TheJNelsonWay shared a document suggesting that the SEC and Ripple are close to ending their lengthy legal battle through a settlement. According to the document, the legal counsels for both parties plan to engage in settlement discussions before a pre-trial conference scheduled for April 16, 2024.
Adding to the intrigue, another user pointed out that the timing of the transaction seemed suspicious, as it occurred just a day after the SEC’s closed-door meeting. While the agenda of this meeting remains unknown, XRP enthusiasts speculated that the SEC may have discussed the possibility of settling with Ripple.
In terms of Ripple’s XRP releases, the 500 million coins unlocked represent part of the 1 billion coins programmed for release this month. On April 1, Ripple initially released only 500 million XRP from escrow, despite the system scheduling the release of 1 billion XRP. As a result, the remaining 500 million XRP coins were finally released yesterday, bringing the total amount of XRP unlocked in April to 1 billion.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed herein are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic bears no responsibility for any financial losses incurred.
